Skip to content
  • The Alabama Baptist
  • The Baptist Paper
  • The Alabama Baptist
  • The Baptist Paper
  • Log In
  • Subscribe
  • Renew
  • Donate
  • The Alabama Baptist
  • The Baptist Paper
  • The Alabama Baptist
  • The Baptist Paper
  • Log In
  • Subscribe
  • Renew
  • Donate
The Baptist Paper
Search
Close
The Baptist Paper
Search
Close
  • Latest News
  • Trending
  • Your state news
  • Classifieds
  • Request a free trial
  • Latest News
  • Trending
  • Your state news
  • Classifieds
  • Request a free trial

Crypto what? Gulf Coast church ‘dipping toe’ into Bitcoin option

  • October 16, 2021
  • Mississippi's The Baptist Record
  • Church Life, Financial, Latest News, Mississippi

Crypto what? Gulf Coast church ‘dipping toe’ into Bitcoin option

In September, Back Bay Church in Ocean Springs, Mississippi, became the first known Southern Baptist church to offer cryptocurrency as a giving method alongside more traditional channels.

Bivocational pastor and church planter Adam Bennett, a self-described tech nerd, said, “I talked with a few others in the church who were into crypto, which grew into a discussion about it,” he said. “Then I did some research and found that the Salvation Army accepts it. I looked into their platform and ended up deciding to use a different one for us.”

Cryptocurrency got its start in 2008 by a man, or a woman, or a group of people under the pseudonym Satoshi Nakamoto. No one seems to know for sure. A paper about Bitcoin, the most common form of cryptocurrency, appeared on a mailing list discussion about cryptography.

Bennett said a basic way to view cryptocurrency is not in terms of straight dollars but as a transfer of value similar to stocks. Another comparison is like an arcade, where a specified amount of money is exchanged for a token that can be used in that particular setting.

While Bitcoin is the most familiar cryptocurrency, it’s hardly the only one. Bennett, a certified residential real estate appraiser, also invests in the second-most popular, Ethereum, as well as Bitcoin Cash, Dai, Dogecoin, Litecoin and USD Coin.

Say that again…

For most Southern Baptists — and the general public — crypto terms like those as well as blockchain, halving, and exchange don’t inhabit the daily vocabulary. The difference in cryptocurrency between a “cold wallet” or “hot wallet” doesn’t depend on whether you’re standing in Fargo or Phoenix.

Its mysterious beginnings and otherworldly terms contribute to the hesitancy many still have about its usage, but nevertheless that usage has undeniably grown.

“It’s not normal [in churches] today, but can be in the future as more people become interested in cryptocurrency,” said Bennett, who himself started investing in crypto in August of last year.

“One reason Back Bay did this is because I’m an early adopter and like to be on the cutting edge of things, but we also have other people who are invested in crypto,” he said. “We want to take some of our assets we’ve invested, see it appreciate in value and give it to the work of the church.”

The decentralized platform of crypto can also become important in the future for providing financial assistance in countries with troubled or otherwise unusable financial systems.

“For missionary work, we have people who are in some of these areas,” Bennett said. “We can get money to them quickly, within minutes or even seconds, for a very small fee of perhaps hundredths of a cent. They would then transfer to whatever currency they need to make transactions on the ground.”

There are already non-profits using crypto to transfer value from one country to another, he noted. “Transactions in some third world countries can’t happen quickly and cheaply.” Those nonprofits are using crypto to efficiently get funding for projects such as building wells, he said.

Expected to grow

Bennett pointed out that Back Bay Church is cautiously dipping its toe into crypto at this point. However, he’s expecting its usage to grow in the years to come. For now, he encourages others to do their own research before following suit.

“Our church started because there was some interest. It was more of curiosity, but it is an asset so if someone wanted to donate to our church like they would with a parcel of land, they can. Then we can sell it and use that money for the mission of God,” the pastor said.

Bennett, a former student pastor at Bayou View Baptist Church in Gulfport, Mississippi, for 11 years, holds a master of divinity degree from Southeastern Baptist Theological Seminary in Wake Forest, North Carolina. For more information, Bennett can be contacted at adamscottbennett@gmail.com.


EDITOR’S NOTE — This story originally appeared at Baptist Press, news service of the Southern Baptist Convention, and was edited/updated by The Baptist Record.

Share with others:

Facebook
Twitter
LinkedIn
Email

Latest News

  • Bible Studies for Life Sunday School Lesson for February 12
    Bible Studies for Life Sunday School Lesson for February 12
    February 6, 2023/
    0 Comments
  • Suspected herdsmen kill 12 Christians in Benue State, Nigeria
    Suspected herdsmen kill 12 Christians in Benue State, Nigeria
    February 6, 2023/
    0 Comments
  • Explore the Bible Sunday School Lesson for February 12
    Explore the Bible Sunday School Lesson for February 12
    February 6, 2023/
    0 Comments

Sign up for the Highlights

Get all latest content delivered to your email a few times a month.
Email is required Email is not valid
Thanks for your subscription.
Failed to subscribe, please contact admin.

Related Posts

Bible Studies for Life Sunday School Lesson for February 12

Does It Align with God’s Character? Exodus 34:1–9 God is Holy. He desires His people to be holy. Holiness has the connotation of separateness. Believers

Suspected herdsmen kill 12 Christians in Benue State, Nigeria

After authorities in Nigeria ignored warnings that thousands of cattlemen were arriving in Benue state, suspected herdsmen on Saturday (Jan. 28) attacked two villages there

Explore the Bible Sunday School Lesson for February 12

YOU HAVE SEEN HIM John 9:24–38 “It’s a miracle!” squealed 8-year-old Denise when first outfitted with glasses. Everything came into focus, and she delighted in

person in black long sleeve shirt

First Person: Your prayers make a difference

My dad did the grocery shopping for our family. For him, it was a social thing. He loved running into friends and visiting in the

Want to receive news highlights throughout the week? Sign up here!

Email is required Email is not valid
Thanks for your subscription.
Failed to subscribe, please contact admin.

About

  • Our Story
  • Our Team
  • Our Partners
  • Advertise and Promote
  • Classifieds
  • Contact us
  • Our Story
  • Our Team
  • Our Partners
  • Advertise and Promote
  • Classifieds
  • Contact us

Explore

  • State-specific news
  • Archive
  • Opinion pieces
  • Sunday School lessons
  • Persecuted Church
  • Podcasts
  • Videos
  • State-specific news
  • Archive
  • Opinion pieces
  • Sunday School lessons
  • Persecuted Church
  • Podcasts
  • Videos

Submissions

  • Story suggestions
  • Your Voice/Letter to the Editor
  • Photos / Videos
  • Corrections/other
  • Submission Policy
  • Story suggestions
  • Your Voice/Letter to the Editor
  • Photos / Videos
  • Corrections/other
  • Submission Policy

Subscribe

  • Subscribe
  • Renew subscription
  • Gift a subscription
  • Start a new member subscription
  • Start a new group subscription
  • Start a new subscription at the group rate
  • Hosted Church
  • Manage your group
  • Manage your account
  • Request free trial
  • Subscribe
  • Renew subscription
  • Gift a subscription
  • Start a new member subscription
  • Start a new group subscription
  • Start a new subscription at the group rate
  • Hosted Church
  • Manage your group
  • Manage your account
  • Request free trial
The Baptist Paper
Address:
3310 Independence Dr.
Birmingham, AL 35209
Copyright © 2023 TAB Media Group
  • Privacy/Terms of Use
  • Help
  • FAQ
  • Privacy/Terms of Use
  • Help
  • FAQ

Email:
news@thebaptistpaper.org

  • Latest News
  • Trending
  • Editorials
  • Archive
  • Your state news
  • Opinions
  • Podcasts
  • Videos
  • Persecuted Church
  • Submit your news
  • Photo Galleries
  • Latest News
  • Trending
  • Editorials
  • Archive
  • Your state news
  • Opinions
  • Podcasts
  • Videos
  • Persecuted Church
  • Submit your news
  • Photo Galleries
  • Our Team
  • Manage your group
  • Manage your account
  • Subscribe
  • Start a new subscription at the group rate
  • Advertise and Promote
  • Classifieds
  • Hosted Church
  • Donate
  • Contact us
  • Our Team
  • Manage your group
  • Manage your account
  • Subscribe
  • Start a new subscription at the group rate
  • Advertise and Promote
  • Classifieds
  • Hosted Church
  • Donate
  • Contact us

Log Out?

Lost your password?

Log In

Lost your password?

Log in

Become a part of our community!
Forgot your password? Get help
Privacy/Terms of Use

Reset password

Recover your password
A password reset link will be e-mailed to you.
Privacy/Terms of Use
Back to
Login
×
Close Panel